Are bidding wars over? Here's how many Austin homebuyers are paying above asking price

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Housing supply and affordability issues rage on in the city of Austin, which are pushing residents to the suburbs. The issues have ramped up in recent years as Austin has become the 10th largest city in the country, which has also made it difficult to find pockets of the city where people making less than six figures can afford to buy a home.
Additionally, homes are still selling quickly in a number of metro areas.
In October, the median days on the market in Austin was 63. That's up from 73 days a year ago. The national median was 34.

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Austin made the Bottom 10% for homes selling above asking.

Boise, Idaho, 14.88%

Tampa, Fla., 14.86%

Jacksonville, Fla., 13.23%

Austin, Texas, 13.03%

Cincinnati, 12.60%

Baton Rouge, La., 11.80%

New Orleans, La., 11.57%

West Palm Beach, Fla., 11.17%

Cape Coral, Fla., 10.08%

North Port, Fla., 8.07%

Because the asking prices are already tremendously inflated from where they should be

That is not what the market is saying. It's says people are paying the market prices

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In October, the median days on the market in Austin was 63. That's up from 73 days a year ago.

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I am a bit confused by the bolded statement from the OP. I am just a geologist, but I passed enough math classes to know 63 is down from 73. Our experience out in Bastrop back in Feb-March 2023 buying a new home was that they were taking offers below the ask, but not a lot below. Since then, interest rates have gone up further and they are coming down even further off of their initial ask points on the new homes they are selling out here. Not sure what the previously owned homes are going for though.

I think it was a typo

SteveBott said:

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That is not what the market is saying. It's says people are paying the market prices

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I would guess the softening of demand due to rising interest rates is making for fewer bidding wars, but buyers are being cautious and not shooting below the ask for fear of getting outbid.

I would guess market hot but not red hot. The suburbs are definitely cooler now. My street has 3 rentals all set longer then the last two years

SteveBott said:

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I think it was a typo

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Yep, it looks like maybe a typo from the ABJ.

SteveBott said:

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I would guess market hot but not red hot. The suburbs are definitely cooler now. My street has 3 rentals all set longer then the last two years

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I agree with this. There's a rental property across the street from me that's been on the market for about two months now.

how's the $1-2m market looking on LAKE LBJ, marbe falls/granite shoals/etc looking?
I hear it's dropping fast

Austin is still a hot market. It was a little over inflated though. When interest rates get back to 3% we will see bidding wars again.

From ABJ...

Austin takes top spot as 'best-performing' US city

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Here are some highlights:

• Austin ranked first in five-year job growth, with its tech sector growing just under 63% between 2017 and 2022.
• Between 2017 and 2022, the metro's job market grew 23%, with a 73% increase in wages during that period.
• It ranked No. 8 in five-year growth in high-tech gross domestic product and No. 7 in terms of high-tech GDP concentration.
• Austin ranked No. 4 for the diversity of its tech industry.
• The area also showed improvement from past years for its housing-affordability ranking. It came in at No. 120 in that metric this year, compared to No. 143 in 2023.

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